Some teams get lucky when signing a player to one of the best contracts in the NHL. Others know what they’re doing, get ahead of the game, and sign a rising star to a number that’s fair to the player and the team at the time of the signing.
This has been the case for the last few years in a flat-cap era, but with the salary cap beginning to rise and expected to near $100 million in the next year or two, some contracts signed in the last couple of years could look even more valuable as the cap and wages rise. Let’s look at some of the best contracts in the NHL heading into 2024-25.
10. Jesper Bratt
Contract: 7 years remaining at a cap hit of $7.875 million
It took longer than the New Jersey Devils would have liked to sign Jesper Bratt long-term, but they locked him up to an eight-year extension last summer worth $63 million total. That extension was well deserved, as he’s been among the best wingers in the NHL over the previous three seasons.
Bratt has totaled 229 points in 240 games since the start of the 2021-22 campaign and is coming off the best season of his career in 2023-24, totaling 27 goals and 83 points in 82 games. His play has been worth a total goals above replacement (GAR) of 46.1 over that stretch, ranked 25th in the NHL among forwards. It’s also been worth a total wins above replacement (WAR) of 7.7, also ranked 25th.
Though wingers aren’t always play drivers, Bratt is one of the best play-driving wingers in the NHL. Having him locked up for seven more years at a cap hit below $8 million is a bargain and should become more of one as the salary cap continues to rise.
9. Josh Morrissey
Contract: 4 years remaining, $6.25 million cap hit
Josh Morrissey is a late bloomer, but he’s emerged as one of the best offensive defensemen in the NHL over the last couple of seasons. He caught everyone’s attention with a 76-point season in 2022-23, and he backed that up in 2023-24 with a 69-point effort, showing that his breakout year was not a fluke.
Related: 8 Best Contracts Signed in Free Agency 2024
Morrissey’s play has been worth a total GAR of 39.1 and a WAR of 6.6 over the last three seasons, both ranking 12th league-wide for all defensemen. While he may be an average defender, the value he brings offensively outweighs some potential defensive shortcomings. A 70-plus-point defenseman is worth more than $6.25 million annually, so the Winnipeg Jets should feel fortunate they signed him to the number they did. And he should continue to outperform that over the final four years.
8. Zach Hyman
Contract: 4 years remaining, $5.5 million cap hit
Should Zach Hyman be higher on this list after coming off a 54-goal season? Maybe, but the chances of him repeating that 54-goal effort seem unlikely. Even then, he has solidified himself as a point-per-game player with the Edmonton Oilers.
Hyman finished the 2022-23 season with 36 goals and 83 points in 77 games, well above what a $5.5 million cap hit is worth. His play has been worth a total GAR of 53.6 and a WAR of 8.9 over the last three seasons, both top-20 rates among all forwards league-wide.
Most people, including myself, panned the Oilers for signing Hyman to what they did a few offseasons ago. Now, he looks like he might be one of the great UFA signings of all time. Though there’s probably some regression coming his way in 2024-25, I still expect him to be worth much more than a $5.5 million cap hit. How long that continues remains to be seen, but I’d bet on him outperforming it over the final four years.
7. Roman Josi
Contract: 4 years remaining, $9.059 million cap hit
I was hesitant to include Roman Josi here because he’s 34, and who knows if he’ll keep up this play as he ages. But players like Josi, who start from such a high bar, usually age better because declines tend to be more gradual (see Brent Burns). And based on his underlying numbers, he’s starting from a very high bar.
Josi has been one of the top point-producing defensemen in the NHL over the last three seasons, averaging 86 points per 82 games. His play has been worth a total GAR of 55 and a WAR of 9.3. If you strictly used GAR and WAR to place value on a player, he would be the most valuable defenseman in the NHL since no defenseman has a better WAR or GAR than Josi since 2021-22.
You could make a pretty good argument that Josi should be higher on this list, but because you don’t know how his game will look in two to three years when he’s 36/37, it’s hard to say he has a top-five contract in the NHL. Still, his deal looks like one of the ten most valuable in the league, and I would bet on his game being worth more than $9.059 million for the next couple of years at a minimum.
6. Jason Robertson
Contract: 2 years remaining, $7.75 million cap hit
I had a tough time with Jason Robertson because he only has two years left on his deal, but it’s hard to argue with his value. He had a career year in 2022-23, totaling 46 goals and 109 points in 82 games. His production did slip this past season, but he was still about a point-per-game player, finishing with 29 goals and 80 points in 82 games.
Robertson’s underlying metrics have been fantastic over the last three seasons, too. His play has been worth a total GAR of 64.4 and a WAR of 10.9 since the 2021-22 campaign began. those are both top-10 rates among all forwards league-wide. There’s no doubt he will outperform his $7.75 million cap hit for the final two years of his deal, and I’m sure the Stars regret not signing him long-term when they had the chance a couple of seasons ago and it was clear he was heading toward stardom.
5. Cale Makar
Contract: 3 years remaining, $9 million cap hit
If Cale Makar had more than three years left on his deal, he’d likely be at or near the top of the list. Even then, you can’t exclude a a 90-point defenseman making $9 million annually. Not only has he averaged 93 points per 82 games over the last three seasons, but he’s also been one of the best defenders in the NHL.
Makar’s play has been worth a total GAR of 54 and a WAR of 9.2 over the last three seasons, top-three rates among all defensemen league-wide. He might only have three years left on his deal before getting another payday, but he’s more than likely to outplay the value of his $9 million cap hit over the final three years. For that, he gets a spot here, even though he’s lacking some term.
4. Adam Fox
Contract: 5 years remaining, $9.5 million cap hit
The New York Rangers have a couple of pricey contracts on their books, but Adam Fox’s is undoubtedly the best they have. He’s become one of the best two-way defensemen in the NHL over the last three seasons and provides plenty of value offensively. It also helps that he seems to be a Norris Trophy contender in most years.
Fox has averaged 77 points per 82 games since the start of 2021-22. His play has been worth a total GAR of 49.5 and a WAR of 8.4 over that stretch, and he plays in all situations. His contract should age well since he doesn’t turn 27 until February. He still has plenty of good hockey left in him, and as the cap rises, he will be worth more than his $9.5 million cap hit.
3. Matthew Tkachuk
Contract: 6 years remaining, $9.5 million cap hit
The Matthew Tkachuk trade was a shock to everyone a couple of summers ago, but the Florida Panthers know what they’re doing. Tkachuk finished with 104 points during 2022-23 with the Calgary Flames, then backed it up two seasons ago when he posted 109 points in his first season in Sunrise, Florida.
Tkachuk’s production did slip a bit this season, but he was still an 88-point player. His play has been worth a total GAR of 68.8 and a WAR of 11.6 over the last three seasons, top-five rates for forwards league-wide. He’s an elite play-driving winger and has proven that his 100-point season with the Flames was not a fluke. He doesn’t turn 27 until December, so he should play out his contract providing more value than it’s worth.
2. Quinn Hughes
Contract: 3 years remaining, $7.85 million cap hit
The Vancouver Canucks and their fans should enjoy Quinn Hughes being signed to the contract he is because there’s only one defenseman signed to a better-value deal than him. Hughes has always been one of the best two-way defenders in the NHL, but he took his game to another level this past season.
Hughes finished with 17 goals and 92 points, helping him earn the Norris Trophy as the best defenseman in the NHL for 2023-24. He’s been the second-most valuable defenseman over the last three seasons, with his play worth a total GAR of 54.2 and a WAR of 9.1. He’s worth well more than $7.85 million annually and will continue to remain so for the duration of his contract, which expires in 2027. That’s why he’s further ahead than Makar, who also has three years left on his deal, because you could argue Hughes is worth a little less than double his current cap hit.
1. Jack Hughes
Contract: 6 years remaining, $8 million cap hit
Another core member of the Devils, Jack Hughes has the best contract in the NHL at a cap hit of $8 million. Staying healthy has been a problem over the last few seasons, but hopefully shoulder surgery this offseason will help him stay on the ice more often. Because when he does play, he’s one of the best players in the game.
Despite only appearing in 62 contests in 2023-24, Hughes still finished with 74 points — a 98-point pace over 82 games. Over the last three seasons, he’s averaged 99 points per 82 games. He’s due for a 100-point campaign, making him one of the most valuable players in the NHL for what he’s paid.
Hughes’ play has been worth a total GAR of 49.2 and WAR of 8.4, both top 20 rates among forwards league-wide over the last three seasons. Had the Devils waited longer to sign Hughes long-term, they’d likely have him on the books with an eight-figure cap hit. And there’s almost 100 percent certainty he will play out the remainder of his contract being worth much more than $8 million annually.
Who Missed the Cut?
The cut-off for this was difficult. Like Robertson, Adrian Kempe was a tough one, but his underlying numbers were nowhere near as good as Robertson’s. He would’ve made it if this were a top-15 list, but a top-10 contract would have been a stretch. Miro Heiskanen would have been 11th if this were a top 15, while Chris Kreider and a few others had cases, too. NHL teams are getting smarter in signing players to long-term deals, and I’d expect more contracts to build value as the salary cap rises.
Honorable Mentions: Miro Heiskanen, Nathan MacKinnon, Adrian Kempe, Connor McDavid, Chris Kreider, Gustav Forsling
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Advanced stats from Evolving Hockey
